Egyptian billionaire Naguib Sawiris is launching his own global hotel brand through his real estate firm, ORA Developers, starting with a pound 100 million ($112 million) resort on the Greek island of Mykonos.
The decision bypasses management deals with established luxury hospitality groups such as Four Seasons, Marriott, or Accor. By creating an in-house brand, Sawiris is straying from standard industry practice, where hotel owners typically rely on global chains to leverage existing booking systems and customer loyalty networks.
‘Rather than choosing an international brand, I brought my own vision of hospitality to life,’ Sawiris said in a statement.
The 93-key resort, operated by ORA Hospitality, sits above Kalo Livadi Bay on the island’s southeastern coast. Designed by New York’s Rockwell Group, the property features 60 rooms, 28 suites, and five villas built to resemble a traditional Mykonian village. It is scheduled to open in May 2027, with bookings starting in January.
Sawiris added that the project will create 250 direct jobs and about 1,000 indirect roles.
According to him, the project stems from a personal connection to the island, where he has vacationed with his family for decades, adding that he is directly guiding its design, artwork, and music.
‘My connection to Mykonos is personal, rooted in decades of special memories,’ Sawiris stated. ‘This will not be just another ultra-luxury hotel.’
Expanding footprint on the Greek Island
The Mykonos property expands ORA’s footprint on the Greek island, where Naguib Sawiris previously opened the 41-room YI Mykonos in 2023 before it ceased operations in late 2024. The new resort was earlier referred to as Silversands Mykonos, drawing its title from ORA’s flagship Caribbean hotel brand.
Beyond Greece, the project adds to a global real estate portfolio that has grown rapidly since Sawiris founded ORA Developers in 2016. The group now holds over $2.57 billion in assets and oversees projects across seven countries with an estimated total sales value exceeding $45 billion.
A growing $45 billion global real estate Empire
In the Caribbean, ORA owns the Silversands Beach House alongside Silversands Grand Anse in Grenada, which is currently expanding through a $30 million facility secured from the African Export-Import Bank in 2024.
Across the Middle East and North Africa, the company’s holdings include Bayn, a 4.8 million-square-meter beachfront community at Ghantoot in Abu Dhabi, six major developments in Egypt, and Madinat Al Ward in Iraq.
The group is also advancing its presence in Europe and South Asia through large-scale developments. These include the Ayia Napa Marina in Cyprus, featuring superyacht berths, residential towers, and luxury villas, and Eighteen, a high-end golf and residential community in Islamabad, Pakistan.